A bigger than expected tax take has boosted the New Zealand government's books, but it won't last, Treasury says.
The Crown Accounts for the nine months ended March 31, released on Monday, show an operating deficit of $NZ358 million ($A337.32 million), $NZ856 million stronger than forecast.
That was because core tax revenue of $NZ48.2 billion was 1.8 per cent, or $NZ844 million, more than estimated and Crown spending dipped 0.2 per cent to $NZ53.7 billion.
The news will be welcomed by Finance Minister Bill English, who has been promising a 2014/15 budget surplus for the last five years, but now says it seems less likely he'll be able to deliver on May 21.
Treasury says the better-than-expected tax return is temporary.
"Around half of this tax variance is expected to reverse by 30 June," it said in a statement.
The Crown's net debt of $NZ63 billion (equivalent to 26.5 per cent of GDP) was $NZ1.7 billion lower than forecast because it had more cash to pay off debt and delays in having to pay for Christchurch earthquake and defence projects.
Crown assets were valued at $NZ264.4 billion and liabilities were $NZ184.9 billion.
